NPD

I think the most important aspect that needs to be considered while developing a new product is to define the scope of the product. In my previous experiences I have seen people who have faced lot of issues without proper scope definition. Initially people start development of new product with an idea/purpose. With the advent of time as the market keeps changing, they keep altering the scope and it leads no where. With such kind of development, the product does not come into the market at all. So proper scope definition is a major factor that should be considered before starting new product development.

Any product starting from the wheel is a result of intensive suffering and feeling of pain without it by the genii. When faster movement was the want and man was not able to achieve it by his physical energies he invented the mechanical means that is wheel. With it started the chain of inventions of the machines; what not, till the yester day developments. The intellectuals feel of the need of the product and continuous yearning for the same by the public creates the need there by the demand then comes the invention and production.

 The innovations aim

• To create barriers against the competitors entered in the market after initial successful launch former company.
• To differentiate it among the similar products by creating a niche for itself in the market.

      All the innovations of the products launched in the Market are mostly guided by the user's perception about them.

Ones you come up with new issue/problem around you, you will be able to find a new idea to solve it, lets see Issue - 'people stopping at red signal' Idea - 'is now at nail tip, a automatic system which deflate the tube on breaking the signal'

Irrespective of a recession or boom, changing times call for new products. As we adopt technologies in all areas of our life, we aspire for quicker and easier ways to achieve goals and targets. Online banking for example has suddenly become a necessity rather than a luxury. Creating a need and then fulfilling it is the key for any new venture. We all survived without mobile phones and credit cards but someone created a need and now its become an irreplaceable part of us. Similarly a npd should never  attempt to fulfill all requirements in one go but  first capture the vital requirements which make business sense to the consumer.

Every product has got its own saturation point and customers get bored after a certain period of time   . Thus , in this existing competative economy only  those company can compete which think about the customer needs and provide accordingly means adding extra features to the existing product  and another way is by NPD.But NPD is something which cannot  take place with out R$D and  which creates market by providing something new .Companies like SONY r creating  and grabing the market from past  40 years rather than developing the existing once thats wht creativy is need for NPD which is possible only with R$D and detailed analysis.During rescission company must be consumer oriented rather than product oriented.......

Go with a ME TOO APPROACH - lets wait and keep a eye on someone inventing new product and by fluke it clicks into the market then just pounce on it and copy, copy, copy......

Lets move back to 1980’s and see the example of IBM - IBM introduced the personal computer in 1980’s and talks about a successful new product, in the initial stage of its release, but that don’t happen. Majority of them small start up companies copied IBM’s innovation. Michal Dell CEO of DELL computers, one of the most successful of those companies.

Many inversions and discoveries occurred just by accident. The inventor was making something else and something else was created. This can be another idea. Also Vishal, your first point of occurring of inventions because of need is also relevant.

True, that nothing absolutely new can be produced. It is merely packaging and little bit of value addition here and there.

In my opinion in today's competitve market two guiding factors should be taken seriously, namely:

1. Voice of customer - over and above the basic rudiments of requirements, certain features or functions that would absolutely delight the customers.
2. Organisational strategy - Whether this line of action falls in sync with the greater picture of organisation's strategy road map (subject matter of portfolio mangement).

In the absence of the former the product will not clinch and in the act of downplaying the latter the product will not sustain for long periods and hence, the Return On Investment and growth related issues will be impacted adversely.